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The Dow Jones closed above the late January high of 8405.87 today...a very bullish signal. The real test will come at 8500 where there is significant resistance. Support is now located at 8200 and 8000. A close below 8000 at this point would be very bearish. If the Dow Jones can close above 8500, I think a retest of 9000 could be in the cards. At that point, I'd be starting some short positions. For More Technical Analysis - Go Here

The Dow Jones Industrial Average closed at 8427 on 5/4/09, as the stock market spiked higher on better then expected Pending Homes Sales and a better then expected China manufacturing number. Financial Bull ( FAS ) broke through $9.00 and was trading at $9.40 at 3:30pm Est. The financials were very strong led by Wells Fargo ( WFC ) and Bank of America ( BAC ).

The Dow Jones is testing 8500 which will be a key resistance level to watch going forward. The S&p 500 broke 900 and could be setting up to test the 940 level sometime in May. I do believe the S&P will trend around 900 both up and down in the next few weeks. There were a lot of bulls calling for 900 and will be starting to sell into their targets.

Monday, during regular trading hours, there were many stocks that continued to break out to the upside. Below is a list of stocks that are worth watching for May 5, 2009. Also, check out the Biggest Stock Gainers of the Day. You can also find previous stocks to buy reports - Right Here

Financials: The bank stocks surged higher Monday after pending home sales were up 3.2% in March. Here is a list of financials I am watching:

Financial Bull 3x ( FAS ) - FAS has resistance at $8.91 and support around $8.00. A close above $9.00 would be huge for this stock but many people are on the sidelines until the stress test results are released May 7th. If FAS starts to look weak, you can always jump into Financial Bear 3x ( FAZ ).

Citigroup ( C ) - Citi has been turning around lately and I will make a quick trade on a break up through $3.28. When Citigroup stock closes over $3.43, I think there could be a nice break out to the upside. Every time Citigroup has retraced back to $2.60-$2.70 it has been quickly bought up. Regarding the stress test, Wall Street doesn't seem to mind that Citi will need to raise another 10 billion.

Bank of America ( BAC ) - Watching $9.89, a close above $9.89 will bring further upside to BAC stock. I don't see any resistance until $11.23. Wall Street seems to be ok with B of A needing more capital.

Wells Fargo ( WFC ) - Jim Cramer has a price target of $26 which was made the day WFC stock soared as they pre announced earnings. Only $3 away right now.

China Precision Steel, Inc. (CPSL) - CPSL stock was gaining on Monday due to the better then expected China Manufacturing data. CPSL is now approaching prices not seen since the first week of October 2008. I am watching $2.80, $2.98, and $3.43 resistance levels. I feel if one is broken, the next one will be tested. Another China stock that was surging today was China Direct, Inc. (CDII) - 15 times normal volume.

Cell Therapeutics, Inc. (CTIC) - CTIC stock continues to trend higher after a small correction in pre market trading this morning. I am still watching for a close above $0.49 for the fireworks to begin in my opinion.

Earnings Reports: The following companies will report earnings Tuesday.

Archer Daniels ADM 5/05 8am .49EPS

Intercontinental Exchange ICE 5/05 8am .96EPS

Tenet Healthcare THC 5/05 8am .03EPS

Walt Disney DIS 5/05 4pm .41EPS

ValueClick VCLK 5/05 4pm .12EPS

True Religion Apparel TRLG 5/05 4pm .29EPS

Electronic Arts ERTS 5/05 4pm -.42EPSKeep in mind, the bank stress test results will be released on Thursday and the employment report will be released on Friday. We are looking at a busy end of the week coming up soon! The Dow Jones is now testing resistance of 8500 and looks poised to break through this area sometime this week.

Today, May 4, 2009, there are several stock gainers that are breaking out with some nice momentum. If you are looking to day trade today, you might want to check out the following stocks. Check out today's biggest gainers and the Top Stocks for2009. You can find yesterday's Top Gainers Report Right Here

Today, 5/4/09, there are a few penny stock gainers breaking out to the upside. Be sure to check out the Top 2009 Penny Stock Gainers on the NYSE, Nasdaq, and AMEX. We tend to stay away from OTC and Pink Sheets stocks, especially in this environment! You can find ALL Penny Stock Reports Here

The following is a report on Dry Bulk Shipping Rates for 5/4/09. This data is critical for how the DryBulk Shipping Stocks such as DryShips ( DRYS ), Excel Maritime Carriers ( EXM ), Diana Shipping ( DSX ), Genco Shipping ( GNX ), TBS International ( TBSI ), Navios Maritime ( NM ), and OceanFreight ( OCNF ) will trade during the day. As you probably know, the Dry Bulk Shipping index can tell you a lot about the state of the World Economy. When Bulk Shipping Rates are at all time highs, the World Economy is outstanding. When Bulk Shipping Rates are as low as they have been lately, it signifies that the world economy has come to a screeching halt!http://dryindex.com Discuss Stocks - http://stockstobuy.org